Around The Multi-game Norms Of Sovereign Wealth Funds: The Process Of International Political Motivation And Impact

The growing prominence of sovereign wealth funds (SWFs) has attracted widespread media attention and political scrutiny. With the sharp rise of its size and influence, the divergence and contradiction between SWFs holders and target countries, and between SWFs and the current international financial system become more and more outstanding. The issue of establishing international norm for SWFs has been placed on the agenda. As both related state actors and non-state actors have a stake on this issue, a multilateral game started. The IMF and OECD has been working with sovereign investors and recipient nations to develop some for better management and secure investing actions of SWFs. Why could such a multilateral game occur? Indeed, governmental support and the transparence problem of SWFs drive the issue into political field from financial field. However, in a deeper approach, the cause of international politics is the essential driver, which covers a range of factors, such as the integration of national interests, identity between states, the interaction between domestic politics and international politics, and the transition of international system. Among all the factors, the most fundamental is the transition of international system, embodied by the change of international structure (power distribution), reform of international institutions and order, renewed pattern of interaction between actors, and evolvement of the anarchy. Being different from current research of financial and economic field, this article will provide a point of view from international politics for analyzing the fundamental causes of the multilateral game around creating norms to SWFs, further, on this basis,forecast the future development tendency of the game, and evaluate the influence on international politics, world economy, and even the international system.